Preface
Published online by Cambridge University Press: 19 January 2010
Summary
The field of financial investment is undergoing a quiet revolution as fiduciaries are beginning to use social criteria in decisions concerning the allocation of capital in the U.S. economy. This social practice is authorized by churches, universities, unions, insurance companies, banks, and mutual funds as well as wealthy individuals. The significance of this trend is indicated by the amount of money that is socially invested today and by signs that still more funds will be so directed in the future. For example, pension funds constitute over $1 trillion today and are expected to reach over $4 trillion in the 1990s. The AFL-CIO has mounted a campaign to persuade members to increase their control over the social direction of these funds. But there are billions of dollars in other institutions whose fiduciaries are becoming conscious of “the social factor” in the economic allocation of funds. The amount of capital involved suggests the potential power of social investors to alter the shape of the economy in the decades ahead.
This book is about the theory and practice of social investment as a profession. Its purpose is to offer a conceptual foundation for investment policy and research. It contains guidelines for fiduciaries based on the best available knowledge of corporate behavior in the context of society. For researchers, it contains key hypotheses to follow in gathering data for the evaluation of social investment norms.
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- The Field of Social Investment , pp. vii - xiiPublisher: Cambridge University PressPrint publication year: 1987